Adaptation and central banking

Alexander W. Salter, William J. Luther

Research output: Contribution to journalArticlepeer-review

9 Scopus citations


What or who governs central bank decisions? Most considerations focus on motivations. Instead, we consider the extent to which specific behaviors have adaptive value in the context of central banking. From that perspective, poor decisions are not the product of poor motivations. They are, instead, a product of the poor institutions within which central bank decision makers operate.

Original languageEnglish
Pages (from-to)243-256
Number of pages14
JournalPublic Choice
Issue number3-4
StatePublished - Sep 1 2019


  • Adaptation
  • Bailout
  • Central bank
  • Motivation
  • Research
  • Seigniorage
  • Selection


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